Bankruptcy filing allows the debtor an exemption from all or most debts if their income is insufficient. This can be a quick process depending on the facts of your case. Your income of the previous six months along with your debts, details of your family, etc. determines the outcome of this process. This not only removes a heavy burden from your shoulders but also helps you start afresh. Your financial status will become more stable, and you will see an increase in your credit after your bankruptcy case. Our experienced attorneys will ensure that your bankruptcy case is a smooth success.
Bankruptcy filing is commonly called a “reorganization bankruptcy.” It allows a business to continue operations while the business plans to repay or discharge its debts. These plans are designed to keep the business operational during and following the bankruptcy process. Chapter 11 bankruptcy is for both big and small businesses. Small business owners (with some limitations) who want to keep a business running but need some debt relief may also benefit from a Chapter 11 filing. In addition, most small business owners who want to continue running their businesses will maintain ownership of their operations during the bankruptcy process.
Bankruptcy filing allows you to have a second chance to redeem yourself. You are allowed to repay all your debts in affordable installments over a 3-to-5-year period, making the repayment process much easier. To be eligible for Chapter 13, you must have a stable income that can pay off at least a portion of your debts. Bankruptcy does not necessarily spell the end of your financial situation, but it will open the possibilities of a fresh start, a new chapter that will provide financial stability for you and your family. Contact our experienced attorneys to assess your case and your bankruptcy options and help you regain control of your finances, re-establish your credit and start anew.
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